USS members call for the resignation of USS CEO Bill Galvin
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The management of the University Superannuation Pension Scheme (USS) under CEO Bill Galvin, has been so poorly run that USS failed to submit its valuation of the pension scheme within the statutory 2018 deadline. This mismanagement led to the largest strike in the history of Higher Education in 2018 and a scathing report by a Joint Expert Panel (JEP) identifying institutional bias, obfuscation in the provision of information to stakeholders and poorly understood, non-standard actuarial practices in the valuation of the scheme. Subsequent to the JEP report further inadequacies of the valuation methodology were identified demonstrating USS’s own failures of understanding of their own Test 1. The JEP report, nevertheless, provided a constructive means by which a resolution of the on-going dispute between employers and unions, along with a final submission of the valuation itself, could be achieved.
Since the JEP report USS have demonstrated an unwillingness to engage with or work with stakeholders and critics to address these deficiencies. USS have refused to amend their March 2017 methodology, have sought to discredit the evidence of their own lack of understanding by claiming critics are ‘not wrong in isolation’ and have now stated the March 2018 valuation will be undertaken using the discredited March 2017 methodology. This is in direct contradiction to the JEP report.
USS, under the direction of CEO Bill Galvin, is now deliberately seeking to undermine the security and pensions of 400,000 members of the scheme. We call on USS to urgently change direction and for CEO Bill Galvin to resign.
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